Friday, 7 July 2017

Satoshi Nakamoto, The Cryptocurrency Evolution - Part _1

Cryptocurrency is still an unknown term for most of the People in the world. It really confuses nontechnical people to understand and trust. Because they may take time to understand the decentralized nature of cryptocurrencies. The trust comes to people the moment they are aware of its decentralized nature. 'Cryptocurrencies are not owned by any owners' means of Decentralization. It is commonly available for every individual who held the currencies. Here in this article, we like to give the detailed explanation about the birth of the cryptocurrency and its evolution.

Once upon a time, there was a tree in a big land. Later with the help of beautiful birds, the seeds spread all over the big land and slowly a big majestic forest appeared after a period of time. Similarly, there was a cryptocurrency 'Bitcoin' in a big peer to peer network. Later with the help of talented programmers, many cryptocurrencies came with the intention to reduce the disadvantages and to increase the advantages.

The first cryptocurrency that trembled the Governments, Banks and the whole world was/ are 'Bitcoin'. Still, this coin is boss for every other coin worth 2500+ dollars/bitcoin. This coin is pawing the direction for every other coin. Few countries accepted selective currencies like Bitcoin, Ethereum etc. as legal currencies that can be used as regular money for buying things and for any transactions. The recent news is that 'Governments (like China, Kyrgyzstan) are planning to develop new cryptocurrencies'. The main technology behind cryptocurrency is 'Blockchain'.

Even though programmers managed to create a new alternative technology to blockchain which is 'Tangle' (tech. used in 'iota' coin), still Blockchain is most considered for building cryptocurrencies.

One of the uses of cryptocurrency is anyone can purchase things from Amazon, dell etc. Anyone can earn millions by investing in ICO (Initial Coin Offerings). It is not necessary to worry about banks or governments. We can buy anything, or have any amount of crypto coins without allowing banks or governments to notice us. Our financial freedom is increased one step ahead because of cryptocurrencies.

It is believed that BITCOIN cannot survive when quantum computers come into existence and IOTA team is claiming that iota coins are quantum resistant, which means iota coins can survive even during the quantum era. But still, Bitcoin is being unshakable and providing shadows (by destroying the forces of governments and banks especially at the beginning time) to all other coins to be safe.

Satoshi Nakamoto is the guy who designed 'BITCOIN'. But for the security of Bitcoin and to him from the government or for some other personal reasons he is still remaining anonymous. No one knows him who he is. Anyhow, complete credit goes to that intuitive, brilliant human being 'Satoshi Nakamoto'. He served human beings in one way. Again thanks to him.

Now there are almost thousand different cryptocurrencies. Bitcoin, Ethereum, Iota, Dash, Dashcoin (not much popular), Ripple (The purpose is not Good (because it is a favor to Banks) according to a lot of Cryptocurrency lovers but useful for banks) etc. and the count goes on. We will see one by one in details.

Why Governments or anyone cannot destroy cryptocurrencies. No one can destroy cryptocurrencies because no one is owning them in specific hardware. Cryptocurrencies exist in peer to peer network with the help of Blockchain. What is Peer to Peer network and blockchain (in a very simple way to understand)? The explanation will be continued in next article.